Gyeonggi-do Sees 5.32% Drop in Individual Official Land Prices... First Decline in 14 Years

Gyeonggi Provincial Government Gwanggyo New Office Building

This year, the individual publicly announced land prices in Gyeonggi-do fell by an average of 5.32% compared to the previous year, marking a decline for the first time in 14 years since 2009.

Gyeonggi-do decided and announced the individual publicly announced land prices for 4,821,133 parcels within the province as of January 1, 2023, on the 28th. Nationwide, the prices fell by 5.73%, and in the metropolitan area by 5.47% compared to the previous year.

Among the 31 cities and counties in the province, all showed a decline, with Dongducheon-si experiencing the largest drop at 7.24%. In contrast, Gwangju-si and Hanam-si had the lowest change rate at 4.28%. This decline is mainly attributed to the prolonged slump in the real estate market and the government's downward adjustment of the standard land price, which lowered the price realization rate (the ratio of publicly announced land prices reflecting market prices) from the initially planned 74.7% to the 2020 level of 65.5%.

The most expensive land in Gyeonggi-do remains the site of Hyundai Department Store at 541 Baekhyeon-dong, Bundang-gu, Seongnam-si, priced at 27,660,000 KRW per 1㎡, while the cheapest is forest land at 267 San, Samjeong-ri, Sinbuk-myeon, Pocheon-si, priced at 564 KRW per 1㎡.

Individual publicly announced land prices are widely used in 60 categories including ▲criteria for various taxes and charges ▲selection of basic livelihood security recipients ▲calculation of health insurance premiums in welfare fields ▲real estate appraisal fields such as compensation, auction, and collateral.

The individual publicly announced land prices decided this time can be viewed and confirmed at the civil service offices of each city, county, and district office, on their websites, and on the Real Estate Public Price Information platform.

From early next month, land prices can be checked on a map-based system through the Gyeonggi Real Estate Portal.

Landowners or interested parties who have objections to the individual publicly announced land prices can file an objection by mail, fax, visit, or online until May 30.

For parcels with submitted objections, appraisers will re-verify the appropriateness of the price calculation, and after deliberation by the Real Estate Price Public Announcement Committee, adjustments will be announced on June 27.

Ko Jung-guk, Director of the Land Information Division of the province, stated, "Since individual publicly announced land prices are used as the basis for various land-related taxes and charges, we will conduct more accurate land characteristic surveys and fair price verifications by appraisers in the future." He added, "Through training of survey staff and strengthening guidance and inspections, we will strive to ensure that residents can trust the individual publicly announced land prices decided and announced."

This content was produced with the assistance of AI translation services.